Page 9 - GMT and GMT Bond Issuer Annual Report 2017 v2

OUTLOOK AND GUIDANCE
The execution of a sustainable business strategy has continued to enhance the portfolio. It has also added to the nancial strength of GMT, improving the quality of its earnings and reducing gearing to a historically low level.
The Board believes that the existing strategy, with its focus on maximising the performance
of the investment portfolio and development
led growth, remains appropriate while operating conditions are favourable.
We also expect to complete further debt initiatives and have announced a new corporate bond issue, to be undertaken in May 2017. The extension to the existing bond programme will further increase the diversity of GMT’s capital sources.
GMT’s operating earnings for the 2018 nancial year are forecast to be 9.0 cents per unit before tax. The reduction from 2017 re ects the impact of asset sales and balance sheet de-leveraging.
The progression of the Trust's development programme is expected to support underlying cash earnings in 2018, consistent with the prior year. Distributions will be maintained at 6.65 cents per unit.
On behalf of the Board
Keith Smith — Chairman and Independent Director
Big Chill Supersite, Highbrook Business Park, East Tamaki
GOODMAN PROPERTY TRUST ANNUAL REPORT 2017 07 CHAIRMAN'S REPORT
GMT BOND ISSUER LIMITED ANNUAL REPORT 2017
CHANGING LANDSCAPES
Exeed, Highbrook Business Park, East Tamaki